Algert Global LLC Buys New Position in Elme Communities (NYSE:ELME)

Algert Global LLC purchased a new stake in Elme Communities (NYSE:ELME) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 59,360 shares of the company’s stock, valued at approximately $906,000. Algert Global LLC owned approximately 0.07% of Elme Communities as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Sterling Capital Management LLC boosted its stake in shares of Elme Communities by 817.9% during the 4th quarter. Sterling Capital Management LLC now owns 2,818 shares of the company’s stock valued at $43,000 after purchasing an additional 2,511 shares in the last quarter. Metis Global Partners LLC bought a new stake in Elme Communities during the 4th quarter valued at approximately $154,000. NewEdge Advisors LLC grew its holdings in shares of Elme Communities by 6,041.7% during the 4th quarter. NewEdge Advisors LLC now owns 10,748 shares of the company’s stock worth $164,000 after acquiring an additional 10,573 shares during the period. Meridian Wealth Management LLC bought a new position in shares of Elme Communities in the 4th quarter worth approximately $171,000. Finally, Proficio Capital Partners LLC purchased a new position in shares of Elme Communities in the 4th quarter valued at approximately $180,000. 87.88% of the stock is owned by hedge funds and other institutional investors.

Elme Communities Stock Down 0.1 %

ELME stock opened at $15.99 on Friday. The company has a quick ratio of 0.55, a current ratio of 0.58 and a debt-to-equity ratio of 0.65. The business has a 50 day moving average of $16.22 and a 200 day moving average of $16.09. Elme Communities has a twelve month low of $13.95 and a twelve month high of $18.49. The firm has a market cap of $1.41 billion, a PE ratio of -114.21 and a beta of 0.96.

Elme Communities (NYSE:ELME) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. The firm had revenue of $61.49 million during the quarter, compared to analyst estimates of $61.31 million. Elme Communities had a negative return on equity of 1.18% and a negative net margin of 5.42%. Elme Communities’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.23 EPS. On average, research analysts forecast that Elme Communities will post 0.94 EPS for the current fiscal year.

Elme Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Tuesday, June 17th will be issued a $0.18 dividend. The ex-dividend date is Tuesday, June 17th. This represents a $0.72 dividend on an annualized basis and a yield of 4.50%. Elme Communities’s payout ratio is currently -480.00%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ELME shares. Wells Fargo & Company upped their price target on Elme Communities from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Truist Financial raised shares of Elme Communities from a “hold” rating to a “buy” rating in a research report on Friday, January 17th.

About Elme Communities

Elme Communities is committed to elevating what home can be for middle-income renters by providing a higher level of quality, service, and experience. The Company is a multifamily real estate investment trust that owns and operates approximately 9,400 apartment homes in the Washington, DC metro and the Atlanta metro regions, and owns approximately 300,000 square feet of commercial space.